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Georgia farmland values fall

From Georgia Farm Bureau | Aug 29, 2010

Farm real estate values in Georgia fell by nearly 5 percent from 2009 to 2010 while farm land average rent per acre rose by 5 percent, according to a report from the United States Department of Agriculture's (USDA) National Agriculture Statistics Service (NASS).

The farm real estate average value in Georgia was $3,900 per acre in 2010, down from $4,100 in 2009. The drop in value contrasted with the national average, which grew by 1 percent, but Georgia farm real estate value is still 82 percent higher than the national average, which is $2,140 per acre for 2010. Cropland average value in the state fell from $4,050 to $3,690 (9 percent), compared with a 1 percent rise nationally ($2,670 in 2009 to $2,700 in 2010).

Georgia's non-irrigated cropland values fell 10 percent from $4,200 to $3,800. Georgia's pasture average value fell 10 percent from $6,000 to $5,400, while the national average stayed the same at $1,070 per acre.

Average rent per acre of Georgia farmland grew from $76.50 in 2009 to $80 in 2010. Rents on cropland nationwide rose from $99 to $102 per acre. Rent on irrigated land fell from $143 to $141, while non-irrigated land gained in value from $49 to $51.

The average rent on pasture in 2010 is $24 per acre, down from $25 last year, a fall of 4 percent. Nationwide, rent on pasture remained at $11 per acre.